Tuesday, March 24, 2020

#PlaybyPlay; Churchill Downs (NasdaqGS: $CHDN) to Temporarily Suspend Racing at Miami Valley Raceway and Fair Grounds Race Course, Malibu (NasdaqGS: $MBUU) Boats Taking Action to Ensure Stakeholder Safety

#PlaybyPlay; Churchill Downs (NasdaqGS: $CHDN) to Temporarily Suspend Racing at Miami Valley Raceway and Fair Grounds Race Course, Malibu (NasdaqGS: $MBUU) Boats Taking Action to Ensure Stakeholder Safety

#Tokyo2020 Olympic Games Postponed Until 2021

Point Roberts, WA, Delta BC March 24, 2020 - Investorideas.com, a leader in investor news and research issues today’s edition of Play by Play covering what’s new in sports and e-sports headlines and recent news from publicly traded companies in the sector.

Stocks discussed: (NasdaqGS:CHDN) (NasdaqGS:MBUU)

Listen to the podcast

Churchill Downs Incorporated (NasdaqGS:CHDN) has announced the temporary suspension of live racing at Miami Valley Raceway at Miami Valley Gaming in Lebanon, Ohio, and Fair Grounds Race Course in New Orleans, Louisiana in compliance with local authorities to clamp down on risks presented by COVID-19. This news comes after the company had announced the postponement of the 146th Kentucky Derby, one of thoroughbred racing’s biggest events, until September 5, 2020.

Malibu Boats, Inc. (NasdaqGS:MBUU) has taken actions to “ensure the health and safety of its key stakeholders.” Malibu CEO Jack Springer explained:

“We are all navigating uncharted waters, as uncertainty in the broader macro-economic environment has reached unprecedented levels. In this moment, the health and safety of our employees, dealers and customers remain our top priority. As a result, we made the difficult decision to suspend operations at our manufacturing facilities out of an abundance of caution for the communities we serve.

Despite the volatility in the global markets, Malibu remains in an excellent financial position. To ensure we maintain sufficient liquidity, we have drawn just under $100 million on our current revolver to support operations and strategic investments in the event of a prolonged lower demand environment. Further, our historical commitment to operational excellence and vertical integration initiatives will allow us to withstand the downward retail momentum that is beginning to reverberate throughout the world. These strategies will allow us to remain nimble and align our cost structure quickly to lowered retail demand to preserve margins.”

Tokyo 2020 Olympic Games Postponed Until 2021

After weeks of speculation a joint statement from the International Olympic Committee and the Tokyo 2020 Organising Committee have confirmed that the Tokyo 2020 Olympic Games have been postponed until summer 2021 as the world battles to contain the Coronavirus. While the games have been canceled during the two world wars (1916, 1940, 1944), this marks the first time the games have been postponed or canceled in peacetime. An excerpt from the statement reads:

The leaders agreed that the Olympic Games in Tokyo could stand as a beacon of hope to the world during these troubled times and that the Olympic flame could become the light at the end of the tunnel in which the world finds itself at present. Therefore, it was agreed that the Olympic flame will stay in Japan. It was also agreed that the Games will keep the name Olympic and Paralympic Games Tokyo 2020.

An article from CNBC, which was written before the announcement was made, quotes Oxford Economics’ Stefan Angrick on the “limited” economic impact of delaying the games.

“We think about it this way: The games raise economic activity by triggering construction in the years leading up to the event, and by boosting inbound tourism and associated consumption at the time the Games take place. As construction is complete, that impact is already reflected in past GDP data and won’t change.”

“In a hypothetical scenario without the coronavirus pandemic, such a step would have a significant impact. But considering the situation we’re in, with tourism coming to a virtual standstill and consumption set to decline, the additional impact of postponing the Olympics is fairly modest.”

Sports Stocks - esports, sports media, sports teams, sports betting, fantasy sports, sports equipment and more...

Like Sports Stocks? View our Sports Stocks Directory    Get News Alerts on Sports Stocks

About Investorideas.com - News that Inspires Big Investing Ideas Investorideas.com is a recognized news source publishing third party news, research and original financial content. Learn about investing in stocks and sector trends with our news alerts, articles, podcasts and videos, looking at cannabis, crypto, AI and IoT, mining, sports biotech, water, renewable energy and more. Investor Idea’s original branded content includes the following podcasts and columns : Crypto Corner , Play by Play sports and stock news column, Investor Ideas Potcasts Cannabis News and Stocks on the Move podcast and column,  Cleantech and Climate Change , Exploring Mining  the AI Eye .
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers.
Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
To contribute interviews, story ideas and sponsorship opportunities:

Download our Mobile App for iPhone and Android 
Contact Investorideas.com
800 665 0411

No comments:

Post a Comment